IRVINE, Calif. – Foreclosure activity in the United States in May showed a 17.8 percent increase year over year, reaching the third-highest level that has been recorded. But the number of foreclosures in Rhode Island for the month dropped 26.9 percent compared with May 2008.
There were 399 foreclosures in Rhode Island in May, down from 546 foreclosures in the same 2008 month, according to data released yesterday by RealtyTrac, a researcher of national foreclosure filings.
There were 321,480 foreclosures in the United States in May, marking the third consecutive month with more than 300,000 foreclosures.
The national rate of foreclosure was one out of every 398 properties. That was far greater than Rhode Island, where one out of every 1,130 properties were foreclosed.
“May foreclosure activity was the third highest month on record and marked the third straight month where the total number of properties with foreclosure filings exceeded 300,000 – a first in the history of our report,” RealtyTrac CEO James J. Saccacio said in a statement. “While defaults and scheduled foreclosure auctions were both down from the previous month, bank repossessions, or REOs, were up 2 percent thanks largely to substantial increases in several states, including Michigan, Arizona, Washington, Nevada, Oregon and New York.
“We expect REO activity to spike in the coming months as foreclosure delays and moratoria implemented by various state laws come to an end.”
There were 3,621 foreclosures in Massachusetts in May, down 45.7 percent from the 6,676 recorded in the same 2008 month. In May, foreclosures hit one of every 752 properties in the Bay State.
In an interview with Bloomberg News, Washington-based Mortgage Bankers Association Chief Economist Jay Brinkman said, “The foreclosure bucket is filling faster than it’s emptying. It will continue through next quarter at least.”
California, with 92,249 foreclosures, led the country in May. The second highest was Florida, with 58,931 foreclosures, and the third highest was Nevada, with 17,157 foreclosures.
RealtyTrac Inc. is a publisher of data and advice for real estate markets nationwide. To learn more, visit www.RealtyTrac.com.
